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Cryptocurrency News Articles
Whale Activity Diverges Amidst MKR Price Upturn
Apr 04, 2024 at 06:33 am
Following a recent market dip, the price of MKR has rebounded by approximately 7% within a span of 10 hours. However, whale activity suggests varying perspectives on the token's trajectory. A multisignature wallet, likely affiliated with MakerDAO, has made significant moves in the market, transferring a total of 3,904 MKR to Wintermute Trading OTC at an average price of $3,324. Conversely, five fresh wallets have withdrawn 2,650 MKR from Binance at an average price of $3,592. This contrasting behavior highlights the differing views among whales regarding MKR's future price direction.
Whale Activity Diverges Amidst MKR Price Rebound
In the wake of a recent market downturn, MKR, the native token of decentralized lending platform MakerDAO, has witnessed a noteworthy resurgence, experiencing an estimated 7% price increase over a brief 10-hour period. However, scrutinizing the actions of prominent market participants, known as whales, reveals contrasting sentiments regarding the token's future trajectory.
A multi-signature wallet, commonly associated with MakerDAO, has exhibited pronounced market activity. Following a three-month hiatus, this multi-signature wallet re-emerged on March 17, 2024, corresponding with the subsequent rise in MKR's value. Recent transactions reveal the transfer of 263 MKR (approximately $995,000) to Wintermute Trading OTC at a price of $3,785 per token.
- Multisign 0xbba (linked to @MakerDAO) further moved 505 $MKR ($1.91M) to #Wintermute Trading OTC at ~$3,788 in the past 13hrs.https://t.co/e1UEN9yZCs
2.… pic.twitter.com/ERNzb6TmiQ
— Spot On Chain (@spotonchain) April 3, 2024
Since its return to activity, the multi-signature wallet has transferred a total of 3,904 MKR tokens to Wintermute Trading OTC, equating to roughly $12.98 million, at an average price of $3,324 per token. Notably, within the past 24 hours, the wallet transferred 505 MKR tokens, valued at $1.91 million, to Wintermute at an average price of $3,788. The multi-signature wallet currently retains 27,067 MKR tokens, worth approximately $102.5 million.
In stark contrast, five new wallets, potentially representing individual or institutional investors, have withdrawn 2,650 MKR tokens (approximately $9.52 million) from Binance at an average price of $3,592 per token. These wallets, allegedly funded by an address linked to Anchorage Digital's Gas Supplier, suggest a divergent approach to MKR holdings.
Despite these divergent actions by whales, the price of MKR has experienced a modest 3% increase over the past 24 hours. As market volatility persists, observers will continue to closely monitor whale activity and its potential impact on the price movements of MKR.
Disclosure:
It is imperative to emphasize that this communication is not intended to provide financial advice or investment recommendations. Conducting thorough research is crucial before purchasing any cryptocurrency or investing in any associated services.
Stay informed with the latest developments in cryptocurrency, NFTs, AI, cybersecurity, distributed computing, and the metaverse by following @nulltxnews on Twitter.
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